Investors vie for Hambantota Port project

Investment proposals to be finalized soon:

Charumini DE SILVA

There is a tremendous response from the private sector for business opportunities available at the Hambantota Port.

The opening of the first phase of the Hambantota Port will create more business opportunities especially for private sector investors.

Sri Lanka Ports Authority Director Technical, Janaka Kurukulasooriya told Daily News Business they have already received investment proposals from many local and foreign investors to set up business at the Hambantota Port premises.

“We have not finalized the project proposals yet, but we will finalize all the applications after the Sinhala and Hindu New Year. We are especially concerned about project proposals with experience and financial strength to sustain in the industry,” he said.

Opening of the first phase of the port is totally for containers, which is generally for cargo activities. This will help the industrial and the services sector.

The operations of the first phase are due to commence in November this year with an investment of US$ 500 million. The capacity of the first stage is over 100,000 tons.

This port is the biggest service and industrial port in the country constructed closest to the international maritime route in Hambantota.

Hambantota Port is the nearest point to the main shipping route that connects East and West, which will be an advantage.

The region is also considered a better geographical location with fair weather conditions and closer to deep contours for such construction.